From the perspective of economic development, among the important events of the late twentieth century was the 1997 financial crisis that interrupted the “miracle” economic growth in East Asia. Some countries crashed in 1997-8Indonesia, Thailand, South Korea, the Philippines, Malaysia-whereas others such as China and Taiwan passed through the turbulent period of the late 1990s largely unscathed. In the meantime, rapid growth has resumed in the region, but some East Asian countries are still feeling the effects of diminished competitiveness and financial disarray. Technical change has continued to sweep rapidly across the world. Today, we can again ask: “Will this ‘new economy’ be the basis for renewed and sustainable growth in East Asia?”